I need your input.
Last year, I realized that I had overcontributed to my RRSP, by about $6700, which would have shown up on my 2015 tax return.
I want to achieve two goals:
1. Prevent the over contribution penalty in future of 1% per month until removed. (If I left it in, it would start to apply in 2016)
2. Not reduce my future RRSP contribution room.
In anticipation, I sent in the forms to my group RRSP, asking for a return of $5000. After months and months of back and forth and different forms and calls, I finally received the money as a regular distribution.
I have now been mailed two different RRSP statements, however. One is for contributions, one shows withdrawl. For example, one shows $30,000 in contributions and the second shows $5,000 in withdrawl.
I had wanted to receive a single one showing net contributions.. e.g., $25,000 net contributions.
Why? Regular withdrawl does not increase your future RRSP contribution room, unlike a TFSA.
Question -- When I file my taxes, I will show it as $25,000 in net contributions for the year. Will this be wrong?
Am I SOL and will have my Contribution limit reduced by all $30k no matter what?
